RPC, Inc. RES has been gaining from diverse oilfield services that include pressure pumping, coiled tubing and rental tools. Its better-than-expected results in the first quarter of 2020 buoy optimism.The stock gained 66.8% since the beginning of the second quarter compared with 39.9% rise of the industry it belongs to.Atlanta, GA-based RPC supplies equipment and services to oil and natural gas explorers, as well as producers in almost all prospective plays like the Rocky Mountain region, Appalachian area, Gulf of Mexico and other resources in the United States. The company also provides oilfield services in several regions outside the domestic market. It has operations in Africa, Argentina, Canada, China, Eastern Europe, Latin America, Mexico, the Middle East, and other places.Strong Balance SheetThe company has cash and cash equivalents of $82.6 million, and no debt load. This reflects a strong balance sheet that will provide it with massive financial flexibility. This is a huge advantage for RPC, given the current market uncertainty.Lower CapexRPC’s management has taken strategic measures to pull through the challenging exploration and production spending environment. As such, it has decided to lower 2020 capex to around $50 million from its prior guidance of $80 million. Last year, it had recorded capital expenditures of $250.6 million. This is reflective of the company’s capital efficiency.Management is focused on maintaining a healthy capital structure, while looking to improve shareholder returns. For more than a decade, RPC has been reporting positive operating cash flows, which reflect stable operations despite volatile commodity prices. Lower capital expenditures will further boost its cash flows.Declining CostsThe company’s 2019 cost of revenues was recorded at $919.6 million, which declined 22.3% from 2018 levels. Also, cost of revenues contracted from $252.4 million in first-quarter 2019 to $181.9 million in first-quarter 2020 due to lower materials and supplies expenses, as well as employment costs stemming from reduced activity levels. Its effective cost-containment efforts are expected to continue, which will improve profit levels in the coming quarters.All the developments mentioned above substantiate the company’s Zacks Rank #2 (Buy). Thus, RPC appears to be a lucrative investment proposition at the moment.Other Stocks to ConsiderOther top-ranked players in the energy space include Chesapeake Energy Corporation CHK, CNX Resources Corporation CNX and Comstock Resources, Inc. CRK, each holding a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Chesapeake Energy delivered an average positive earnings surprise of 42.8% in the last four quarters.CNX Resources beat earnings estimates thrice and met once in the last four quarters, with average positive surprise of 111.5%.Comstock Resources’ 2020 sales are expected to gain 32.7% year over year.Zacks Top 10 Stocks for 2020 In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-hold tickers for the entirety of 2020?Last year's 2019 Zacks Top 10 Stocks portfolio returned gains as high as +102.7%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys.Access Zacks Top 10 Stocks for 2020 today >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Chesapeake Energy Corporation (CHK): Free Stock Analysis Report Comstock Resources, Inc. (CRK): Free Stock Analysis Report CNX Resources Corporation. (CNX): Free Stock Analysis Report RPC, Inc. (RES): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research